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Old 09-17-2018, 10:58 AM
 
Location: Gulf Coast Texas
26,198 posts, read 14,090,937 times
Reputation: 10087

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Quote:
Originally Posted by atltechdude View Post
A logic fail here.

Yes, we are extracting it at a rate far faster than it is made.

What does that mean?

It means that the supply is diminishing as long as the extraction rate is greater.

What does that mean?

It means the the supply will eventually go down to zero.

What does that mean?

It means that the resource availability will end at that point.

What does that mean?

It means that the resource availability is finite at the current extraction rate.
It means you pick up and move to another location where the oil is ready to be extracted.
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Old 09-17-2018, 10:59 AM
 
Location: 23.7 million to 162 million miles North of Venus
5,201 posts, read 4,777,593 times
Reputation: 4219
Quote:
Originally Posted by DRob4JC View Post
THEN... it is not a finite resource as you previously stated.

Crude oil is constantly being replenished.


Quote:
We may extract it faster than it is made, but it is not a finite resource.
We don't even know that for sure. There could be, and probably is, many pockets that we just haven't discovered yet.
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Old 09-17-2018, 11:00 AM
 
Location: Atlanta, GA (Sandy Springs)
3,528 posts, read 2,302,170 times
Reputation: 2763
Quote:
Originally Posted by DRob4JC View Post
It means you pick up and move to another location where the oil is ready to be extracted.
Another logic fail here.

My comments apply globally.

The global extraction rate is greater than the global replenishment rate. This is not in question.

The only thing in question is how many more new undiscovered oil fields there are.
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Old 09-17-2018, 11:00 AM
 
5,773 posts, read 2,062,649 times
Reputation: 2880
Quote:
Originally Posted by DRob4JC View Post
THEN... it is not a finite resource as you previously stated.

We may extract it faster than it is made, but it is not a finite resource.
It took millions of years for the oil deposits to develop from organic material. We are depleting that resource rapidly. It’s not a stretch to say that carbon fuels are a finite resource. New deposits wouldn’t be available for millions of years, if then. We have a very different world than the ancient one that helped produce the organic material that eventually became oil fields.
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Old 09-17-2018, 11:02 AM
 
Location: Gulf Coast Texas
26,198 posts, read 14,090,937 times
Reputation: 10087
Quote:
Originally Posted by bawac34618 View Post
He was right if you are only considering the conventional drilling methods that were common when he made the statement.

Technological advancements that allow us to tap into oil that was previously impossible to pump is what has saved us.
... and regulatory reductions that allowed those advancements to be put into use.

This is the part where the Trump Administration gets credit.
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Old 09-17-2018, 11:04 AM
 
Location: NC
6,390 posts, read 4,470,459 times
Reputation: 7148
Quote:
Originally Posted by WaldoKitty View Post
How typical that you can't admit the hapless community agitator was 100% wrong on this issue.

Palin got it right. He got it wrong.

It's as simple as that.
Funny, the only thing "wrong" is your misrepresented quotes about where Obama REALLY stood on the issues. I work in the Oil Industry, and was actually in Saudi Arabia (visiting Aramco HQ) on the day he got elected. That doesn't make me an expert, but I have been to many many many oil and gas conferences, and I know the truth.

The TRUTH is that good old American Enginuity and greatness is what "got it right". Look back those many years ago, on Thanksgiving day, when the Saudis tried to undermine our markets by raising production. The US response was what it always is. We fought, and we won. We did NOT increase drilling signficantly. We did increase productivity. And the "new technologies" we see are a result of American Acceptionalism. Remember, the only POTUS in recent times who believed America was not great was our current POTUS.

Had Obama pushed to let us drill on Federal lands, we would have lost a lot of pristine land, but we also would have never had the incentive to spur on innovation. Ironically, Palin's solution was to give a fish to the oil companies, and Obama's solution was to encourage them to learn to fish. He believed in them, and he was right.

Now, of course the oil companies all disliked his policy, because they would prefer the current mantra of "rape the planet today, let your children's children pay for it". But make no mistake, we did not get out of this by simply drilling.

(And I don't give that much Credit to Obama for all the success. Only that he got out of the way and let innovation happen. The only thing he got extraordinarily right was refusing to allow drilling on federal lands. If you recall, during that time, we were actually capping wells, so it was not a need. The result was that we now can break even at a much lower PPB price than before.)

As for the Electric cars. He said the technology would be taking off, and it has. Compare 2018 to 2010 and the contrast is stark.
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Old 09-17-2018, 11:06 AM
 
38,074 posts, read 15,294,447 times
Reputation: 16806
Quote:
Originally Posted by bawac34618 View Post
He was right if you are only considering the conventional drilling methods that were common when he made the statement.

Technological advancements that allow us to tap into oil that was previously impossible to pump is what has saved us.
Wrong. Just like Obama.

Fracking was perfected in 1947.




The hapless community agitator had no idea what he was talking about and got it 100% wrong.
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Old 09-17-2018, 11:07 AM
 
Location: NC
6,390 posts, read 4,470,459 times
Reputation: 7148
Quote:
Originally Posted by DRob4JC View Post
... and regulatory reductions that allowed those advancements to be put into use.

This is the part where the Trump Administration gets credit.
Those innovations were in place long before Trump. The Price of Oil has been going UP since Trump took office. I don't blame him for that, but it is all too typical for his base to give him full credit for price drops, when reality is that they've been going up. Lies about lies.

5 Year Crude Oil Prices and Crude Oil Price Charts - InvestmentMine
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Old 09-17-2018, 11:08 AM
 
Location: Atlanta, GA (Sandy Springs)
3,528 posts, read 2,302,170 times
Reputation: 2763
Quote:
Originally Posted by WaldoKitty View Post
LAWL wrong.

Fracking was perfected in 1947.
A supremely uninformed and delusional statement.

Fracking tech is nothing today like what it was in 1947.
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Old 09-17-2018, 11:08 AM
 
Location: Gulf Coast Texas
26,198 posts, read 14,090,937 times
Reputation: 10087
Quote:
Originally Posted by DRob4JC View Post
It means you pick up and move to another location where the oil is ready to be extracted.
Quote:
Originally Posted by atltechdude View Post
Another logic fail here.

My comments apply globally.

The global extraction rate is greater than the global replenishment rate. This is not in question.

The only thing in question is how many more new undiscovered oil fields there are.
I don't understand your response.

I just mentioned relocating to another location where the oil is... you say my logic is wrong and follow it up by basically saying what I just said.

Companies relocated to areas (you say "undiscovered oil fields") to extract more oil.

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